GoldViewFX - Market UPDATE

Hey Everyone,

We had a slow day today waiting patiently for the market to play out. It was a US holiday, so this was expected. We had some retracement down but not the full retracement range and we also had some push up but not to the full level.

Our trade idea and setup for this chart is still very much valid and we will continue to track this when market opens up fully. We also have EMA5 cross and lock above 1841, which leaves a gap open to 1852. We will keep this in mind when picking entries from support and tracking the movement level to level.

- LAST UPDATE
1833 and 1824 is a support structure providing price support for the bounce. The next resistance structure is sitting at 1857 for a potential challenge. If we see EMA5 cross and lock above 1857 we are likely to see the upper levels open up.

For support test a 1833 challenge looks likely. However should we see further bearish momentum a challenge at 1824 is still in range. Should we see EMA5 cross and lock below 1824 then it will open the swing range for a challenge. Failure to break 1824 with EMA5 will see a new Goldturn created above it, providing support for a push up.

We will track this movement level to level up and down and buy dips confirmed with signals.

Short-term technical structure may look Bearish but the overall long term structure is still Bullish . We will trade against the short term trend and stay within the long term trend and trade retracements for now and continue to buy dips.

Bullish Targets
1852
1857

EMA5 CROSS AND LOCK ABOVE 1857 WILL OPEN 1863, 1867, 1872, 1876.

Bearish Targets
1833
1824

EMA5 CROSS AND LOCK BELOW 1824 WILL OPEN 1810, 1802 AND 1792

SWING RANGE
1792

As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Please don't forget to like, comment and follow to support us, we really appreciate it!

GoldViewFX
XAUUSD TOP AUTHOR